Anchor Insurance Company Limited registered 2021 not only as a year of business recovery after the setbacks of the global pandemic but also a recovery year for the company as well as its gross written premium rose N10.4bn as against the N6.8bn achieved in 2020.This indicates a 54.43% improvement.
This was disclosed at the company’s annual general meeting in Lagos recently by the board chairman, Dr. Elijah Akpan, who acknowledged that 2021 was generally a year of recovery for businesses, “having suffered gross drawbacks following the lockdowns that greeted the global health pandemic in 2020.”
The chairman also noted that the company experienced an astronomical rise in profit before tax from N336.55 million to N1.02bn representing a 203.13% increase. He said: “Our profit after tax rose to N867.55 million compared to the N436.49 million position in 2020, showing a 98.75% growth.”
The company’s total assets grew from N13.54bn in 2020 to N15.49bn, indicating a 14.33% rise. Similarly, the shareholders’ funds had a 13.76% positive change from N5.67bn to N6.45bn.
Also speaking, managing director/CEO, Mr. Ebose Augustine, (pictured) said th e claims payment reflected its obligation to the thrust of underwriting, claims payment. He said: “We held on to our avowed regular claims payment policy which has continued to set us apart in the competition. We paid a total sum of N997.42m as claims to genuine affected policyholders as against the N1.29bn response in 2020. This shows a 22.62% positive drop in claims paid. This positive claims management was a direct result of the improvement the claims team has continued to make. The team’s thorough investigations and assessments have severally saved the company from incurring fraudulent claims.”
On dividend payment, Augustine noted that it paid a dividend of 4.5kobo per share to the owners of the business for the 2021 financial year as against the 4.0k it paid to them in 2020. The board assured the shareholders it would keep the trend increasing as the profit margin continues to gain yearly momentum.
On future outlook, Augustine said the company would pursue the recapitalisation plan despite the regulator step back due to court injunction because of the inherent advantages. At the product level, he said, stated: “We will look at creating more people-oriented retail products as further multiple premium generation channels. We value our management and staff for their dedication and ownership spirit in the discharge of their duties. They are directly responsible for the good report the company turns in each year. The board will work closely with the management and ensure that appropriate welfare rewards are extended to all deserving hands in the company’s employ.”
Anchor Insurance jointly sponsored the inauguration of the new executives of the National Association of Insurance and Pension Correspondents, NAIPCO which took place recently.